Senator Cynthia Lummis Appointed Chair of Senate Subcommittee on Digital Assets, Advocates for Strategic Bitcoin Reserve

Jan 23, 2025, 03:52 PM

U.S. Senator Cynthia Lummis has been appointed as the chair of the newly established Senate Banking Subcommittee on Digital Assets by Senate Banking Committee Chair Tim Scott. This appointment marks a significant development for the digital assets industry, as Lummis is known for her advocacy of Bitcoin and blockchain technology. She has expressed that digital assets represent the future and emphasized the need for the U.S. to remain a leader in financial innovation. Lummis has called for Congress to urgently pass bipartisan legislation to establish a comprehensive legal framework for digital assets, which includes the creation of a strategic Bitcoin reserve to strengthen the U.S. dollar. The subcommittee's priorities include passing legislation on market structure, stablecoins, and consumer protections, as well as overseeing federal financial regulators to ensure compliance and prevent initiatives like Operation Chokepoint 2.0.